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Automatic route for ADRs/GDRs proposed
New Delhi: The finance ministry is considering steps to liberalise its
policy on global depository receipts and American depository receipts, it is reported. It
is toying with the idea of an automatic route for these equity issues. Since international
stock markets have their own stringent quality norms, the government feels its scrutiny
mechanisms in screening GDR/ADR applications are redundant.
The ministry will need to look at whether the companies
applying for GDR/ADR issues have complied with broad foreign investment policies and other
parameters.
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Book-building for IOC
issues
Mumbai: Indian Oil Corporation’s global depository issue will use a
simultaneous book-building exercise in the Indian and overseas markets to ensure that the
issue price is the best in both markets. Sources said the government will announce the
price band after the current road shows are completed.
The issue is expected to be made by January-end 2000.
Goldman Sachs and Credit Suisse First Boston will be the investment bankers at the global
level, and SBI Caps, ICICI Securities, J.M. Financial, and Enam Finacncial Consultants
will be the investment bankers for the issue in India.
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IOC bond issue
over-subscribed
New Delhi: Indian Oil Corporation has collected nearly Rs 600 to Rs 700
crore from its bond issue, more than double the issue size of Rs 300 crore. Indianoil has
offered a rate of 11.5 per cent for the five-year debt, which is not only lower than the
prime lending rate of banks and financial institutions, but is close to the rate offered
by the government for its debt schemes.
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UTI plans Nifty-based
scheme
Mumbai: The Unit Trust of India will launch an open-ended index fund that
will track the National Stock Exchange’s index, the S&P CNX Nifty. The UTI
currently has funds that are based on the Sensex of the Bombay Stock Exchange. The UTI has
also decided to lower the coupon rate by 25 basis points for its monthly income plan to be
launched in January 200. It will now offer 10.25 per cent and 10.75 per cent for the
monthly and cumulative dividend options respectively, against the current rate of 10.5 per
cent and 11 per cent.
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NYSE, Nasdaq tighten
rules for day traders
New York: The New York Stock Exchange and the Nasdaq have jointly
announced that they will seek to place day traders in a distinct high-risk group that will
face stricter margin requirements than long-term investors. This move makes it more
difficult for day traders to buy and sell stocks on margin.
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